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7-Eleven, Inc. Announces New Check-Cashing Agreement for Vcom(R)

Date : 04/02/2004 @ 9:30AM
Source : PR Newswire (US)
Stock : Spectra Energy Corp (SE)
Quote : 38.83  0.0 (0.00%) @ 7:45AM
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7-Eleven, Inc. Announces New Check-Cashing Agreement for Vcom(R)

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7-Eleven, Inc. Announces New Check-Cashing Agreement for Vcom(R) CashWorks, Inc. to Provide Check-Cashing Solutions in 1,000 7-Eleven(R) Stores DALLAS, April 2 /PRNewswire-FirstCall/ -- 7-Eleven, Inc. has selected CashWorks, Inc., a leading provider of automated payroll check- cashing solutions, to provide check-cashing services at select 7-Eleven(R) stores equipped with the convenience-store company's self-service Vcom(R) kiosk. Terms of the agreement were not disclosed. Consumers can cash government and payroll checks at approximately 1,000 7-Eleven stores in 13 states where Vcom is installed. According to check- cashing industry publications, each year 30 million people cash 180 million checks, totaling more than $55 billion, at check-cashing establishments in the United States. "We chose CashWorks because they specialize in cashing payroll and government checks, expertly applying their risk-decisioning methodology in the convenience store channel," said Brady Giddens, 7-Eleven's managing director of Vcom. "This is an ideal fit for Vcom and should serve our convenience customers well." CashWorks has a state-of-the-art Central Decision Engine(TM) (CDE) that runs on a proprietary system and uses a wide range of internal and external data designed to evaluate check-cashing requests within a dynamic risk- evaluation architecture. "This is a great opportunity for us to bring CashWorks technology, reliability and convenience to 7-Eleven and to deliver a service that meets the needs of 7-Eleven's Vcom customers," said Ken Rees, president of CashWorks. Vcom, which stands for "virtual commerce," is 7-Eleven stores' proprietary kiosk that offers ATM capabilities and touch-screen convenience to provide customers withfinancial and other services 24 hours a day. Customers can use Vcom kiosks to conduct ATM transactions, cash checks, purchase money orders and money transfers, access Verizon residential telephone services, pay bills and purchase phone and stored-value cards. After a customer enrolls for Vcom membership, the member can access the fully automated check-cashing service simply by inserting their Vcom membership card and their check into the Vcom kiosk slots, then entering a personal identification number, or PIN, and pertinent information about the check via the touch screen. In moments the check is verified, authorized and, if approved, the customer receives the cash, minus a transaction fee. The typical Vcom self-service transaction takes less than two minutes. This release includes certain statements that are considered "forward- looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Any statement that is not a statement of historical fact should be deemed to be a forward-looking statement. Because these forward- looking statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by these forward-looking statements. There can be no assurance that (i) we have correctly measured or identified all of the factors affecting our business or the extent of their likely impact; (ii) the publicly available information with respect to those factors on which our business analysis is based is complete or accurate; (iii) our analysis is correct; or (iv) our strategy, which is based in part on this analysis, will be successful. Additional information about these risks and uncertainties and other matters can be found in the company's annual report on Form10-K for the year ended December 31, 2003, and in its periodic reports on Forms 10-Q and 8-K. About 7-Eleven, Inc. 7-Eleven, Inc. is the premier name and largest chain in the convenience retailing industry. Headquartered in Dallas, Texas, 7-Eleven, Inc. operates or franchises approximately 5,800 7-Eleven(R) stores in the United States and Canada and licenses approximately 20,500 7-Eleven stores in 17 other countries and U.S. territories throughout the world. During 2003, 7-Eleven stores worldwidegenerated total sales of more than $36 billion. Find out more online at http://www.7-eleven.com/ . About CashWorks, Inc. Formed in 2001, CashWorks is a leading provider of technology-based solutions within the non-bank financial services industry. CashWorks currently provides its automated check cashing solution through hundreds of convenience and grocery store merchants across the country. CashWorks, Inc. is a unit of GE Consumer Finance and is headquartered in Dallas, Texas. For more information about CashWorks, visit http://www.cashworksinc.com/ . 7-Eleven Contacts: Investor Relations: Media: Carole Davidson, CFA Margaret Chabris (214) 828-7021 (214) 828-7345 CashWorks Contact: Media: Cristy Williams (678) 518-2596 DATASOURCE: 7-Eleven, Inc. CONTACT: investor relations, Carole Davidson, CFA, +1-214-828-7021, or media, Margaret Chabris, +1-214-828-7345, both of 7-Eleven, Inc.; or Cristy Williams of CashWorks, Inc., +1-678-518-2596 Web site: http://www.7-eleven.com/ http://www.cashworksinc.com/

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